Shares of preferred stock that have been authorized (but not issued) by a company, but the specific rights and preferences of which have not yet been fixed. The board of directors can establish the specific rights and preferences of one or more offerings of blank check preferred stock, including liquidation preferences, dividend rates, and voting rights, without receiving additional stockholder approval, provided that the rights and preferences are within the limits established in the company's certificate of incorporation or by agreement. The existence of blank check preferred stock permits a company to structure, offer, and sell a financing quickly and privately because the board of directors can negotiate the terms of a new issue of securities directly with the purchaser (or purchaser's agent) without additional stockholder authorization.